Review on Indodax by Ayu Anggraini
My experience with Indodax Exchange
Indodax is a crypto currency trading platform from Indonesia and has been operating in Indonesia since 2014. This exchange is also regulated and has operating permits with international standards. Indodax has two International ISO standards; the ISO 9001 standard regarding Quality Management Systems and ISO 27001 regarding Information Security.
Indodax also has a permit from the Commodity Futures Trading Supervisor of January 29, 2020, NUMBER 002 / BAPPEBTI / CP-AK / 01/2020.
First, let's discuss security. Indodax offers an interface that is easy to understand and seems to target only new comers. Account security starts from KYC, 2 factor authentication, email verification up to the SMS PIN to the registered mobile number, just the same procedure as with other exchanges.
Good thing for Account recovery like deleting 2FA, then a very easy step will be given to the customer via registered email and just one click away, voila!
Unlike other exchanges that will require you to do procedures and take a long time, indodax makes it very easy and automatic.
This exchange has never been hacked and your bank account must have the same name details as KYC or your account name, otherwise you will not be able to withdraw and withdraw will not be processed.
This makes me feel safe doing transactions, feel safe leaving my account containing rupiah funds for a while because no one will be able to take it except to my personal account that has been registered! Indodax's design has not changed since 2014 and I feel this design is too old and only for newbies not for traders who have trading experience.
Trading in indodax is not very interesting for me because I only use it as a withdrawal gateaway and deposit funds to buy crypto which will be traded on other exchanges.
Trading on indodax is always accompanied by bots between sell and buy orders that will dominate the order book on the first row and to stabilize the price.
Even though this is a real orders but this is annoying. Indodax coins are also incomplete so I chose another exchange.
Weaknesses on this exchange in addition to having trading fees above the industry average, which is 0.3%, but also indodax takes fees for almost everything you will do on the platform including sending the SMS code. The minimum withdrawal fee is burdensome for small traders, and also the withdrawal fee for large balances, is as large as 1% of capital even though it includes tax fees in Indonesia.
Pros
- Fast withdrawal can take only 10 minutes to arrive into my bank account
- Trusted and secure
- Easy steps for account recovery
- Almost no way to hack it because every user must have the same bank account name with the account / KYC in order to withdraw money.
Cons
- Charge you 1% withdrawal fee for a large capital
- Even charge you for sending an SMS code if you did not have 2FA
